Exhibit 11
WVS Financial Corp.
Statement Re Computation of Per Share Earnings
Three Months Ended Nine Months Ended
March 31, March 31,
---------------------------- ----------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
Weighted average common shares outstanding 1,737,199 1,736,400 1,736,995 1,736,400
Average unearned ESOP shares .............. (53,565) (61,694) (55,648) (63,716)
Common stock equivalents:
stock options ............................ 72,594 62,896 67,724 57,369
----------- ----------- ----------- -----------
Weighted average common shares
and common stock equivalents
used to calculate primary
earnings per share ....................... 1,756,228 1,737,602 1,749,071 1,730,053
Additional common stock equivalents:
stock options used to calculate
fully diluted earnings per share ......... 1,200 1,503 2,376 2,802
----------- ----------- ----------- -----------
Weighted average common shares and
common stock equivalents used to
calculate fully diluted earnings per share 1,757,428 1,739,105 1,751,447 1,732,855
Net income ................................ $ 914,079 $ 792,869 $ 2,076,319 $ 2,800,972
=========== =========== =========== ===========
Earnings per share:
Primary .................................. $ 0.52 $ 0.46 $ 1.19 $ 1.62
Fully diluted ............................ $ 0.52 $ 0.46 $ 1.19 $ 1.62